Get Smart about credit
Nov. 23, 2012 at 5:23 a.m.
IBC Bank-Port Lavaca is helping fill the void of financial literacy by participating in the national American Bankers Association Education Foundation "Get Smart About Credit" campaign this fall season along with other IBC markets throughout the bank's footprint in Texas and Oklahoma. IBC Bank-Port Lavaca employees led sessions at several middle schools, high schools and community organizations in Port Lavaca and Victoria in October and November, as part of a focused effort to reach older students and adults with credit management techniques that will empower them to develop good credit habits for a lifetime.
According to a 2011 national survey by the Council for Economic Education, students who had taken personal finance courses were less likely to be compulsive buyers, max out credit cards and make late payments. However, across the country, fewer than half of the states require high school students to take an economics class, and just 13 states require a personal finance class. A 2010 Financial Literacy Survey of adults, conducted on behalf of the National Foundation for Credit Counseling, Inc., revealed that 41 percent of respondents said they learned their personal finance skills from their parents or at home, but 34 percent, or nearly 77 million people, gave themselves a grade of C, D or F.
Utilizing Get Smart About Credit curriculum along with FDIC Money Smart modules, IBC employees informed participants about different types of credit, the importance of credit worthiness, keeping records for checking accounts, and how to identify ways to save money.
In total, more than 1,000 students and adults in the Coastal Bend area were reached during October and November through these sessions. IBC Bank also reaches younger students in both states through its Money Buzz financial education program, with specially designed curriculum for children in kindergarten through eighth grades.
More information is available at ibc.com. Visit us on our YouTube channel, IBCBankWeDoMore.